Paying Tuition: Graduate School Funding

Precious Hardy

How do you plan to fund graduate school?

Are you going? What kind of degree? How much will it cost? How will you pay? Can you tolerate debt? How much?

Paying for Graduate School

Grants, Scholarships, and Fellowships Student Loans Military Federal Student Loan Forgiveness Opportunities Other Suggestions Avoiding Default

Grants Department

o Received from the department of your field of study

Minoritieso Plentiful, especially if you’re a

Science, Technology, Engineering, or Math major

o E.g. Minority Science and Engineering Improvement Program

o Includes all minority groups

Grants Federal

o TEACH• Provides grants of up to $4,000 per year • Must teach for four years at an educational service or institution that serves

students from low-income familieso Fulbright

• Competition is high • Merit-based for international educational exchange

State o Usually have to be residence of the state

• Missouri Departmental Grant of Higher Education o Varies from state to state

• Student Support Services (TRIO) o E.g., Massachusetts provides monetary assistance to undergraduates who attend

qualified programs, while New York State provide need-based tuition assistance

Scholarships Free money

o College-based o Career-specific

Typically based on merito GPAo Research experience, teaching experience, community service,

reference letters Public and private organizations

o Highly competitive

Fellowships Nationally and internationally prestigious

o Merit scholarship programs o Support undergraduate or graduate studyo Research or work experiences, here or overseas

Research or Teaching Assistantships o Varies between graduate program and schoolo Expect to receive tuition reimbursement and/or a stipendo Students usually earn a stipend between $6,000 - $20,000 o Some even offer additional benefits, such as health insurance

National Science Foundation Fellowship

Three years of support during a Five-year fellowship period o Highly Competitive (2,000)

• $32,000 Stipend per year• $12, 000 Educational allowance to institution

o International research opportunities

Eligibility o U.S. citizens and permanent residents o Early-career studentso Pursuing research-based MS and PhDo Enrolled in accredited U.S. institution

National Science Foundation Fellowship Con.

Who do they want? o Chemistryo Computer and Informationo Science o Engineeringo Geoscienceso Life Scienceso Mathematical Scienceso Physics and Astronomyo Social Sciences o Science Education

National Science Foundation Fellowship

Con. What does the application look like?

o Personal statement (2 pages)o Previous research experience (2 pages)o Proposed plan of research (2 pages)o Transcriptso Three letters of reference

Criteriao Intellectual Merit

• Researcher o Broader Merit

• Outreach

Student Loans Eighty percent of graduate

students have to borrow loans to pay for a graduate degreeo Typical range: $27,000 to $114,000o Burdensome

Weigh expected income and amount of money borrowed

Military Offer tons of education benefits While in service, members have access to up to $4,500 a year

in Tuition Assistanceo Covers up to 100% Tuition and Fees

Service members can also use G.I Bill (up to four years) o Paid Tuition and Fees, Living (Housing) Stipend and Book Stipend

Montgomery GI – Active Duty and Veterano Up to $1564 per month for full-time institutional education

Loan Repayment (LRP)o Varies by military brancho Your service may partially or fully repay your college loans

Loan Forgiveness Federal Student Loan Forgiveness Opportunities

o Depends of your field of study and eligibility (e.g. US Citizen, made at least 120 monthly payments)

o Helps lower or even cancel your payments• Caps monthly payment at 10%

Public Service Forgivenesso New Program o Forgives any remaining debt after 10 years of working in a public

service sector (e.g. nurse, teacher, Peace Corps volunteer)

You are in debt from your undergraduate years

Deferment o Postpone your principle and interest balance o Many types of deferment depending on

your situation• (E.g. Graduate Fellowship, Unemployment,

Peace Corps and etc.)o In some cases, government will pay a full or

partial amount of interest incurred

Forbearance o Lowing your monthly or delaying (max 12

months) payments of your principal balance and interest due to financial hardship

Other suggestions Get Your Boss To Pay

o At least 50% of companies have tuition assistance programs One-Year Program (Masters)

o Cost half as much as two-year programs Use Tuition Waivers

o You may be eligible o Reduces your tuition to make school more affordable for you

Tax Incentives o Education Credit

• A tax credit reduces the amount of federal income tax that you may have to payo Tuition and fees deduction

• Reduces the amount of income that is subject to tax o Business expenses

• You may be allowed to deduct your unreimbursed education expenses on your federal taxes

Tips Public schools are

cheaper than private Save while in school Apply early, while

schools have more aid available

Improve your grades; keep your GPA up!

Get experience with research and/or teaching

Resources For more information about graduate school funding check out

the following:o American Association of State Colleges and Universitieso Grants.govo GradSenseo GradSource.como Graduateguide.com

What can you use?

Grants, Scholarships, and Fellowships Student Loans Military Loan Forgiveness Opportunities Get Your Boss To Pay One-Year Program Tuition Wavier Tax Incentives